On March 1, 2024, upon the consummation of the Merger, the Company acquired nine secured loans with an aggregate outstanding principal balance of $89 million and 10 mezzanine loans with an aggregate outstanding principal balance of $36 million, for a total of $124 million. Typically, each secured loan is secured by a mortgage on a related outpatient medical building, each construction loan (included in secured loans above) is secured by a mortgage on the land and improvements as constructed, generally with guarantees from the borrowers, and each mezzanine loan is collateralized by an ownership interest in the respective borrower. As of the Closing Date, the secured loans had maturities ranging from June 2024 to July 2027 and stated fixed interest rates ranging from 7.00% to 10.00%. The mezzanine loans had maturities ranging from June 2024 to June 2027 and stated fixed interest rates ranging from 8.00% to 10.00%.

As of June 30, 2025, unamortized net discounts on the secured loans and mezzanine loans acquired were $0.5 million and $1 million, respectively. As of December 31, 2024, unamortized net discounts on the secured loans and mezzanine loans acquired were $1 million and $2 million, respectively. These discounts are recognized in interest income and other on the Consolidated Statements of Operations using the effective interest rate method over the remaining term of the loans.

In conjunction with the sale of a portfolio of senior housing operating properties (“SHOP”) facilities in January 2021, the Company provided the buyer with financing secured by the buyer’s equity ownership in each property. In February 2024, this secured loan was refinanced with the Company. In connection with the refinance, the Company received a partial principal repayment of $69 million and the maturity date was extended to August 2027. In May 2024, the Company received a partial principal repayment of $5 million in conjunction with the disposition of underlying collateral. At each of June 30, 2025 and December 31, 2024, this secured loan had an outstanding principal balance of $58 million.

In conjunction with another SHOP portfolio sale in January 2021, the Company provided the buyer with financing secured by the buyer’s equity ownership in each property. This secured loan was most recently refinanced with the Company in January 2024 at which time the maturity date was extended to January 2025. At December 31, 2024, this secured loan had an outstanding principal balance of $48 million. In January 2025, the Company received full repayment of the outstanding balance of this seller financing.

In conjunction with the sale of 59 outpatient medical buildings for $674 million in July 2024 and the two outpatient medical buildings for $23 million in November 2024 (see Note 5), the Company provided the buyer with a mortgage loan secured by the real estate sold for $405 million and $14 million, respectively. The remainder of the sales price was received in cash at the time of sales. The seller financing has an initial term that matures in July 2026 and includes two 12-month extension options. The interest rate on the seller financing is fixed at 6.0% for the initial term and increases to 6.5% during the optional extension periods. The Company also received a $1 million loan origination fee in connection with the loan, which is being recognized in interest income over the remaining term of the loan. In connection with this seller financing, the Company reduced the gain on sales of real estate and recognized a mark-to-market discount of $21 million during the year ended December 31, 2024. This discount is based on the difference between the stated interest rate and the corresponding prevailing market rate as of the transaction date. The discount is recognized as interest income over the term of the discounted loan using the effective interest rate method. During the three and six months ended June 30, 2025, the Company recognized $2 million and $3 million, respectively, of non-cash interest income related to the amortization of this mark-to-market discount. As of June 30, 2025 and December 31, 2024, the unamortized mark-to-market discount was $15 million and $18 million, respectively.

During the six months ended June 30, 2025, the Company: (i) entered into one secured loan to provide up to $75 million to fund a portion of the acquisition and redevelopment of a lab building, $28 million of which was funded upon closing of the loan, (ii) entered into an agreement to provide aggregate financing of $41 million to fund the development of an outpatient medical building, $4 million of which was funded upon closing of the loan, (iii) funded a $4 million loan secured by an outpatient medical building, and (iv) funded a $4 million mezzanine loan to one of its unconsolidated joint ventures.

During the year ended December 31, 2024, the Company entered into one construction loan agreement to provide up to $36 million to fund a portion of the construction of an outpatient medical building, none of which was funded upon closing of the loan. Also during the year ended December 31, 2024, the Company entered into and funded one $15 million mezzanine loan.

For certain residents that qualify, CCRCs may offer to lend residents the necessary funds to satisfy the entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. The loans are due upon sale of the resident’s previous home. At June 30, 2025 and December 31, 2024, the Company held $65 million and $61 million, respectively, of such notes receivable.

In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans that are deemed Performing meet all present contractual obligations, and collection and timing of all amounts owed is reasonably assured. Watch List Loans are defined as loans that do not meet the definition of Performing or Workout. Workout Loans are defined as loans in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment.


Investment Type	Year of Origination(1)												Total
	2025		2024		2023		2022		2021		Prior
Secured loans
Risk rating:
Performing loans	$	33,181	$	435,512	$	49,627	$	30,337	$	57,422	$	—	$	606,079
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total secured loans	$	33,181	$	435,512	$	49,627	$	30,337	$	57,422	$	—	$	606,079
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Mezzanine loans
Risk rating:
Performing loans	$	4,265	$	13,829	$	5,213	$	4,497	$	6,693	$	10,932	$	45,429
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total mezzanine loans	$	4,265	$	13,829	$	5,213	$	4,497	$	6,693	$	10,932	$	45,429
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CCRC resident loans
Risk rating:
Performing loans	$	42,014	$	22,794	$	175	$	38	$	—	$	—	$	65,021
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total CCRC resident loans	$	42,014	$	22,794	$	175	$	38	$	—	$	—	$	65,021
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The Company evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers payment history and current credit status, industry conditions, current economic conditions, forecasted economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. Future economic conditions are based primarily on near-term economic forecasts from the Federal Reserve and reasonable assumptions for long-term economic trends. The determination of loan losses also considers concentration of credit risk associated with the senior housing, outpatient medical, and lab industries to which its loans receivable relate. The Company’s borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the debt service coverages in its assessment of internal ratings that it uses as a primary credit quality indicator. Debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rates, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its borrowers’ ability to service their obligations with the Company.


	June 30, 2025				December 31, 2024
	Secured Loans		Mezzanine Loans and Other(1)		Total		Secured Loans		Mezzanine Loans and Other(1)		Total
Reserve for loan losses, beginning of period	$	5,574	$	4,925	$	10,499	$	2,830	$	—	$	2,830

Provision for expected loan losses (recoveries) on funded loans receivable	346		1,440		1,786		2,744		4,925		7,669
Expected loan losses (recoveries) related to loans sold or repaid	(783)		(171)		(954)		—		—		—



Reserve for loan losses, end of period	$	5,137	$	6,194	$	11,331	$	5,574	$	4,925	$	10,499